Teknofeet launches Its First Flagship Store In Gurugram
Teknofeet, a Gurugram-based startup, is establishing its first flagship store in Gurugram Sector 68, following the enormous success of its business model through Kiosk operations. Teknofeet has had multiple kiosks at prominent malls in Gurgaon – MGF Metropolitan, Ambience are to be named. This innovative technology’s client base is rapidly growing, and the company plans to open more outlets soon.
It aims to provide perfect fit and footwear solutions by building an ecosystem around “3D Feet Measurement.” It has developed India’s first revolutionary 3D foot scanning technology by combining innovative technology with the science of footwear, the firm hopes to improve the footwear purchasing experience. The brand was established in early 2020 with the vision of making India wear comfortable fit shoes.
“Every year, 22 billion pairs of shoes are sold worldwide, but only 70 per cent of people obtain the correct fit. The proper fit for your feet is critical in preventing serious health problems that might arise from wearing the incorrect or uncomfortable shoe size. The firm has developed 3D volumetric scanners that can solve the existing issues of improper fit in both the offline and online footwear retail industry,” the company said in a statement.
The result cascades down to diminishing customer loyalty and returns for the footwear brand. This technology, with its 360-degree approach, not only provides an opportunity for footwear shoppers to have a seamless shopping experience across multiple channels but also empowers footwear brands to know their customers better and offer them the best possible solutions anytime, anywhere.
Founder and CEO, Teknofeet, Moammir Qazafi, said, “In India, two out of every five individuals are unaware that they are wearing the wrong shoe sizes. This may look normal at first, but it can lead to severe problems later. With the aid of our 3D scanning ecosystem, we can solve the issues of footwear fitting and comfort for footwear shoppers by providing them with a personalised shopping experience equally offline and online.”
Teknofeet provides foot scan services through offline stores and kiosks leveraging Artificial Intelligence, computer vision and Machine Learning. The brand has its Experience Centre in Gurugram. Since its inception in 2019, the brand has successfully acquired 10,000 unique consumer profiles from the Delhi NCR. The company plans to strengthen their presence in the major metros within the coming six months.
India Footwear Market Size
India Footwear Market size was valued at USD 13.49 Billion in 2021 and the total revenue is expected to grow at a CAGR of 12.83 per cent through 2022 to 2027, reaching nearly USD 27.84 Bn.
India Footwear Market Dynamics
The increasing number of internet users and the introduction of numerous social media platforms have significantly changed Indian customers’ shopping habits. Rapid urbanisation, greater brand awareness, and rising discretionary budgets have all benefited in the growth of the footwear industry, giving it a status symbol image in the minds of consumers. In India, almost 66 per cent of footwear sales occur in urban regions, with the remaining 46 per cent occurring in rural areas, giving the footwear industry plenty of room to grow. However, because of developing understanding, increasing disposable income, and changing lifestyles, sales are progressively catching up in those places. As a result, there are many more options for these footwear companies to explore and compete in both the home and global markets.
India’s domestic footwear consumption is estimated to be about 90 per cent. Domestic demand is expected to increase rapidly as a result of changing lifestyles and rising disposable income. Volumes have grown exponentially in this market as well, for example, from 228 million pairs in 2015 to 278 million pairs in 2019.
Footwear manufacturers in India benefit from the availability of low-cost raw materials in large quantities, as well as low labour costs, resulting in lower production costs, which have lowered overall prices in the sector.